This is now the third time in as many years as Secretary Snow has asked Congress to raise the deficit cap. Congress doesn't have much choice in the matter -- it's borrow more money or default on the government's obligations. So instead, we're raising the limit on our collective credit card and hoping that things will work out.
Read the article all the way to the end -- we're supposed to be happy that by 2009, the deficit will be half of its current level. Super. It's a sad day when I have to admit that the only halfway fiscally responsible President I can remember is Bill Clinton. It's going to be even sadder when we realize that rolling back the 2001 Bush tax cut isn't going to be enough to make up for all this.
Addendum (March 8, 2006): I'm apparently not the only one of my political stripe out there who has utterly given up on the President. The Cato Institute held a hate-fest today starring former Reagan Aide Bruce Bartlett and The New Republic's former editor, Andrew Sullivan.